Radiant Capital, a prominent multi-chain lending protocol, has provided an essential update regarding the significant attack that took place in October, leading to staggering losses of approximately $58 million. The platform recently shared several critical developments on their official X account, shedding light on the ongoing recovery efforts and changes in governance. 1.
Recovery and Fundraising: The recovery of the lost funds and efforts to raise rescue capital are actively in progress. However, as of this update, there have been no significant advancements or beneficial updates regarding the status of the funds. The situation remains pressing, underlining the importance of continued support and innovation within the protocol. 2.
Remediation Plan: In response to the circumstances, a comprehensive proposal aimed at remediating the losses will be resubmitted to the Decentralized Autonomous Organization (DAO) for a community vote. After comprehensive review and mediation by the council, this proposal, which addresses the current challenges, is expected to navigate through the voting process more efficiently.
Additionally, a separate proposal is anticipated to address unlimited authorization losses, which is scheduled for drafting in the first quarter. This particular issue continues to be complex, highlighting the sensitivity required in handling these matters. 3. Council Elections: An additional proposal concerning the governance structure is currently in the phase of community collaboration.
This initiative will soon transition into the governance process aimed at electing a new community council. This election marks a pivotal change as it will replace the inaugural council guided by the DAO's charter. It is envisioned that council elections will be conducted annually, allowing for continuous community engagement and development. Through these updates, Radiant Capital demonstrates its commitment to transparency and recovery, as well as its focus on establishing robust governance frameworks to advance the community's interests.
Stakeholders are encouraged to remain engaged as these processes unfold, reinforcing the collaborative spirit essential for ongoing success..